Operator

Good day, and thank you for standing by. Welcome to the BAWAG Group Update Call and Webcast. [Operator Instructions] Please note that today's conference is being recorded, and there will also be a transcript available on the company's website.

I would now like to hand the conference over to your speaker, Anas Abuzaakouk, CEO. Please go ahead.

Anas Abuzaakouk
Chairman of the Management Board & CEO

Thank you, operator. Good afternoon, everyone. Thanks for joining on short notice. It's been a busy few weeks to say the least. First and foremost, we are thrilled to have been selected by PTSB to enter into this transaction. The trust and confidence placed in us by the PTSB Board and the Minister for Finance of Ireland as the bank's majority shareholder is something we take very seriously. I want to personally thank all team members involved from both banks as well as the advisers who worked around the clock to make this process a success.

Ireland is an extremely attractive market for BAWAG, underpinned by a strong macroeconomic backdrop, a robust banking sector and solid long-term fundamentals. Building on our presence in Ireland, the proposed acquisition is a highly strategic opportunity to strengthen our competitive positioning by bringing together PTSB's local market expertise and commitment to community